Russell Investments Group Ltd. Raises Holdings in Encore Wire Co. (NASDAQ:WIRE)

Russell Investments Group Ltd. Raises Holdings in Encore Wire Co. (NASDAQ:WIRE)

Updated: 4 months, 28 days, 23 hours, 26 minutes, 8 seconds ago

Russell Investments Group Ltd. raised its position in shares of Encore Wire Co. (NASDAQ:WIRE – Get Rating) by 25.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 75,051 shares of the electronics maker’s stock after acquiring an additional 15,309 shares during the period. Russell Investments Group Ltd.’s holdings in Encore Wire were worth $7,810,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CWM LLC lifted its stake in shares of Encore Wire by 376.6% in the 2nd quarter. CWM LLC now owns 305 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 241 shares in the last quarter. Counterpoint Mutual Funds LLC purchased a new stake in Encore Wire during the first quarter worth approximately $83,000. Islay Capital Management LLC acquired a new stake in shares of Encore Wire in the first quarter worth $93,000. Meeder Asset Management Inc. purchased a new position in shares of Encore Wire in the 1st quarter valued at $117,000. Finally, Convergence Investment Partners LLC lifted its holdings in shares of Encore Wire by 17.2% during the 1st quarter. Convergence Investment Partners LLC now owns 1,227 shares of the electronics maker’s stock valued at $140,000 after acquiring an additional 180 shares in the last quarter. 93.90% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. initiated coverage on Encore Wire in a report on Wednesday, October 12th. They issued a “buy” rating for the company. DA Davidson increased their target price on Encore Wire from $175.00 to $190.00 and gave the company an “outperform” rating in a research note on Wednesday, July 27th.

Encore Wire Price Performance

WIRE opened at $129.91 on Friday. Encore Wire Co. has a 12-month low of $94.39 and a 12-month high of $151.64. The stock has a market capitalization of $2.49 billion, a PE ratio of 3.81 and a beta of 1.28. The firm’s fifty day moving average price is $126.79 and its 200 day moving average price is $120.57.

Encore Wire (NASDAQ:WIRE – Get Rating) last issued its earnings results on Monday, July 25th. The electronics maker reported $10.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.15 by $6.56. The business had revenue of $838.20 million for the quarter, compared to analyst estimates of $727.08 million. Encore Wire had a net margin of 23.24% and a return on equity of 49.46%. The company’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $8.82 EPS. On average, equities research analysts forecast that Encore Wire Co. will post 26.86 earnings per share for the current fiscal year.

Encore Wire Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 21st. Stockholders of record on Friday, October 7th were issued a $0.02 dividend. The ex-dividend date of this dividend was Thursday, October 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.06%. Encore Wire’s dividend payout ratio (DPR) is 0.23%.

About Encore Wire

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Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. The company's products include NM-B cables for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2 cables and metal-clad and armored cables for use as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; USE-2 cables; and other types of wire products.

See Also

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